Cameco Ord Shs T.CCO

Alternate Symbol(s): CCJ

Energy

Cameco Corporation is engaged in providing uranium fuel to generate clean, reliable baseload electricity around the globe. The Company also offers nuclear fuel processing services, refinery services and manufactures fuel assemblies and reactor components. Its segments include uranium, fuel services and Westinghouse. The uranium segment is involved in the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment is involved in the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment is engaged in the nuclear services businesses. Its uranium projects include Millennium, Yeelirrie, and Kintyre. The Cree Extension-Millennium project is a Cameco-operated joint venture located in the southeastern portion of Canada's Athabasca Basin. The Yeelirrie deposit is located approximately 650-kilometer (Km) northeast of Perth and about 750 km south of its Kintyre project.

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Post by retiredcfon Feb 28, 2024 10:11am

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Post# 35903654

RBC Notes

February 27, 2024

RBC Uranium Watch

Uranium spot price down as buyers pull back, but month-end term price higher

Our view: Uranium spot prices declined to $95/lb as buyers remained on the sidelines for most of the week, with some renewed interest as prices stabilized toward week-end. However, the UxC month- end term price climbed 4% to $75/lb as long-term fundamentals remain constructive and tight supply/ demand continues to place upward pressure on prices. Government support for nuclear continues to build with India committing to build 18 new reactors of 13,800MW capacity on its path to triple nuclear power generation from 8GW to 22GW by 2032, while South Korean President Yoon Suk Yeol pledged ~$2.5B to bolster his commitment to reverse the country's nuclear phase out. Canada also prepares to sell C$4B of green bonds under the new green financing framework that includes nuclear power (Bloomberg). On the supply side, the Mongolian government has delayed approvals for Orano's ~$1.6B Zuuvch-Ovoo project, risking the timeline of first production by 2028 (UxC).